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20130112
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obama will announce jack lew as his nominee for secretary of treasurer. he staffers believe it will be approved. analyst say the president's pick is a sign he will move forward with planned economic reforms and do so aggressively. mr. lew served as coo of nyu and worked at citigroup and served as white house office of management and budget chief and is currently white house chief of staff. apparently job one will be to work with congress to raise the borrowing limit and prevent default that could come as soon as next month. the announcement is at 1:30 p.m. eastern time. stay with "power lunch." we will take you inside the white house for all the details. ty, back to you. >> very interesting. now, of course, another major event at the wlohite house. taking place right now. vice president biden's task force making a change in the way americans buy, sell and potentially use firearms. eamon javers live at the white house. eamon? >> there are some that biden himself might not participate in. we just heard from the vice prest as he emerged from his first meeting of the day and he
have had the national security members of the team named in the last few days but now jack lew will be named, we expect tomorrow, to replace tim geithner who has been wanting to leave for some time. here is what president obama gets, someone with vast experience in handling capitol hill and dealing with budget negotiations. he's been a part of almost lever r every big budget negotiation the last couple of decades. secondly, someone who will remain part of his inner circle and genial personality. what he doesn't get is the experience tim geithner brought, years of financial regulation. tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and t
treasury secretary. jack lew is a veteran of capitol hill and of more than one big major budget negotiations which is exactly what the president is facing right now. he's somebody with a low key demeanor who gets along well with others. his confirmation is expected to be not too difficult. what he doesn't provide is a strong business background or wall street ties, although he did work for citigroup for a while and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at fo
'm chortling here because of your outrage over the $1 trillion coin matched with your outrage over jack lew, i can't figure out which is mor amusing. should we put that in the democratic party platform? >> it already is, that's what's amusing. >> very good, very good. >> let's talk about jack lew for a second. normally this position should go to somebody from the finance world. i think that, unfortunately, that's very difficult to do that because the finance world had a lot to do with the crash in 2008. but normally those are the best people for this job. for treasury. and if you look at george w. bush, his first two people were quite able, especially paul o'neill, but they did not, were not able to do the treasury the way paulson did, which helped us get out of this dreadful problem that we had that started in 2008. so it is good to have a finance person. on the other hand, i believe you're wrong about omb. jack lew's been a terrific director of omb and most importantly, he absolutely does have a lot of foreign policy experience. when you're the chief of staff to the president of the united s
it official and nominates jack lew for treasury secretary. but, he received a quote obscene million dollar bonus as his boss obama would put it while working at citibank which got bailed out to the tune of $45 billion. is that part of the jack lew story that's going to make him toxic in his confirmation hearings? >>> and we go out to san diego where the family of the late nfl star junior learned he had a brain disease when he committed suicide. did football kill him? >>> and back to hollywood, my favorite movie of the year "lincoln" gets the lion share of oscar nominations. this is a fabulous film about government dysfunction and how abe lincoln solved it then. can we learn something about it now? the "kudlow report" begins right now. >>> first up this evening, call it the d.c. gun show. all the major gun players meeting with vice president joe biden and attorney general eric holder. cnbc's own eamon javers joins us now with all the details. good evening, eamon. >> good evening, larry. well, even as the vice president was holding a meeting in the white house complex today about gun control
of these markets plus a whole lot more including the imminent nomination of jack lew as treasury secretary may mean to the debt ceiling fight. we'll previau bank earnings which are about to kick o.those more than anything else could drive the markets in the coming weeks and aig will not join in former chief hank greenberg's lawsuit against the same u.s. taxpayers that bailed the company out. aig ceo bob benmoschy will be here. >> first take a look at the markets. what we're seeing is we have the markets higher though it's well off the highs. up 90 points on the dow industrials and we're up 34 points on the dow jones industrial average, 13,363 and the last trade on nasdaq has given up some of the oomph of earlier and the standard & poor's 500 has a similar chart pattern with a gain on the session of just 1.5 point, eking out positive territory. gentlemen, good to see you. thanks so much for spending the time. >> hi, maria. how are you? >> let's talk about this market because you certainly have a fair amount of issues that could seem troubling, and yet we continue to see money finding a home in equit
in washington. jack lew officially nominated as treasury chief. lew is known for his role in the being acrimonious talks in 2011. what could it mean this time. >> tiffany disappoints again with weaker holiday sales. there was weakness in the americas, strength in asia. so how much of a read through to the rest of retail is this earnings report? >>> nokia shares soaring this morning after a bullish outlook for the first quarter. >>> and herbal life's big day to defend itself against bill ackman's damning allegations. we'll have the latest and the ceo join us later in the show. >>> well, today president obama is set to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know
as jack lew is somebody who served as chief of staff. he was budget director before that. he served in hillary clinton's state department. he does not have a deep background and ties to wall street and business. he's a creature of congress, made his name in washington working for tip o'neal, the house speaker. very hard working, very key, very bright. republicans found him a difficult negotiators in some of the budget talks over the last couple of years, but i would expect, andrew, that he's going to be confirmed pretty handily even though he'll have difficult questions in his confirmation hearing. >> john, how disappointed -- and perhaps now, but it appears that the business community seems disappointed, if you read "the wall street journal" editorial page today. there's a sense of disappointment that the president didn't pick somebody from the business community, somebody with more experience in the world of finance private sector as joe would say. >> i understand the disappointment because they want one of theirs. but, you know, president obama wants one of his in that job. when
for some solutions and what might work, did you find any encouragement in the nominating of jack lew to this very important post of treasury secretary today? >> he does not remind me of alexander hamilton. >> that's all you're going to say? >> that's all i'm going to say. i'll give him a chance to be alexander hamilton. >> but why not? >>y in secretary of the debt would be to, first of all, talk in english in our problems and secondly to understand that the -- the revenues put nort so far have been all political and rhetorical, and what we want is the stern stuff of a monastery -- a monetary approach. we want a dollar in exchange for something tangible. and that's gold bouillon. we've not had that for the past -- well, since 1971, about 0-odd years, and what we need is at least a discussion about the nature of our monetary problem that really is a fundamental source of our fiscal problem. >> why would that work going back to gold bouillon? >> because there's only so much gold and can only be so many dollars. >> there's a limited amount, a limited supply. >> you don't have to rely on
dominant position. >>> barack obama officially nominated jack lew to replace timothy geithner overnight. speaking from the east room of the white house, the president made it clear just why he made this move for the post. >> over the past year, i've sought jack's advice on virtually every decision i've made from economic policy to foreign policy. and one reason jack has been so ekive in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and and to hear who has been nominated for obama's cabinet, senator john kerry to replace hillary clinton as secretary of state, jack lew to replace timothy geithner and chuck hagel to as secretary of defense. tinny, good to see you. happy new year. >> happy new year to you, too. >> nice to see you. what do you make of the reshuffle? >> well, they are not surprising choices. there's a lot of discussion about whether obama's second term means changes or continuity. i'd use another key term which is consolidation. i think his cabinet are loyalists and insiders. they'll help move forw
out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about here is the -- let me go to my notes. the stimulus was done -- but sustained growth was not. frank dod basel iii was not done. aig also done. what is the geithner model? what is the geithner doctrine? i think you can say like this, overwhelming government force when it's clear it's needed. b in a crisis, spend, regulate and guarantee and do it with conviction. let's talk about one of the things left over from the geithner years, which is going to be the issue of debt and deficit. i think you would say there was some accomplishment when it came to getting some of these deals in place. but ultimately, he probably thought that some of these things would come off and be declining faster than they have. we've learned a lot about the financial crisis. in fact, we're going to be debating the correct government res
general of the united states. we'll talk to you about if you're feelings of jack lew in a moment. on the deal that we did. you see everybody's taken the zeros off of what we owe and everybody's seen that now. i guess we're making $23,000 a year, we're spending $38,000. so we're adding $16,000 to our credit card bill every year. and we already owe $160,000 on our credit card bill. and the fiscal cliff deal cut $38 off of our expenses or something when you take everything off. is that -- >> actually worse than that. >> how can it be worse? >> actually our cliff bill was an absolute embarrassment to the united states of america. let me clarify. if we had gone over the cliff, it would have been an "f." and a total failure of our system. but when you analyze the bill, it was an "f" on spending. we actually increased spending. we didn't reduce 13e7bding. we increased spending. >> all the democrats tell me that there was already a trillion dollars of spending cuts that -- i didn't -- >> that was from august 2011. okay, but what i'm saying is, if you just look at this bill in isolation,
january 25th. unclear if that's going to mean a seamless transition with the president's nominee jack lew since it seems unlikely at this point lew will be confirmed by the senate before geithner leaves. so maybe the deputy secretary will fill that gap. geithner, if he wants one, can have almost any finance job that he wants. he'll take at least six months to consider his option. they don't say whether or not he wants to go into finance. the question is what kind of job would be appropriate for geithner to take given that he was intimately involved in bank rescue operations over the past several years? and what kind of job could he take in the post-crisis world and still be eligible to come back into government if he wanted? fed chairman ben bernanke, he's expected to move on after his term expires in 2014, and geithner would clearly be someone the president would consider. according to sources, geithner wouldn't want the job but the president has been very successful in getting geithner to do things he hasn't wanted to, like stay on treasury for an extra year or two and geitner has been
, and i finally figured out why jack lew's signature has all those loops. they are actually zeros and that's how much he's going to add to our debt. >> you don't know that for sure. we're going to have that debate on the debt ceiling in the next month. you don't think we're going to see any spending cuts? >> we have been inculcated throughout our history that they will increase the debt ceiling without ever addressing the real problem which is, correct, 100%, maria, it is spending. >> unless the market forces the hand, too, because one thing our leaders do respond to is the stock market, whereas in the early '80s it was the bond vigilantes that ruled the root i think these guys get terrified when the stock market starts going down because they -- you know, from the way they calibrate things, you don't have bonds to do it so now you have the stock market. >> if you get money supply growing at 12% and bonds are in the biggest bubble in the history of mankind, the money is going to go into stocks. that's the path of least resistance. >> maria, what you have to watch very carefully, you have a
Search Results 0 to 13 of about 14